Kristalina Georgieva, Managing Director of the Worldwide Financial Fund (IMF), has introduced to the Government Board her proposal to nominate Nigel Clarke to the place of Deputy Managing Director, efficient October 31, 2024.
He’ll succeed Antoinette Sayeh, who, as beforehand introduced, steps down on September 12, 2024
In asserting her collection of Mr. Clarke, Ms. Georgieva mentioned: “Mr. Clarke is an distinctive public servant and policymaker, with confirmed management in establishment constructing and financial disaster administration, who has stewarded his nation’s financial system to a stronger and extra sustainable place.
Since 2016, he has been the IMF’s chief counterpart on successive and traditionally profitable packages for Jamaica, together with an Prolonged Fund Facility, a precautionary Stand-By Association, and most lately a Precautionary Liquidity Line plus Resilience and Sustainability Facility, leaving the nation with sturdy financial fundamentals. Nigel additionally brings a wealth of expertise from a stellar non-public sector profession.”
Mr. Clarke has been Jamaica’s Minister of Finance and the Public Service, and a Member of Parliament, since March 2018.
Previous to this, he served as Ambassador of Financial Affairs from 2016. Throughout this era, he spearheaded formidable nationwide reforms, together with central financial institution independence, creation of an impartial fiscal fee, in addition to different tax coverage, public physique governance, public procurement, public sector compensation, and public funding administration reforms.
He additionally led Jamaica’s financial coverage response to the COVID-19 pandemic with progressive and well-targeted coverage help and accomplished privatizations and public-private partnerships of main infrastructure property.
Beneath his stewardship, Jamaica applied a multi-layered catastrophe danger financing mannequin, and have become the primary small nation to independently sponsor a disaster bond, with World Financial institution help.
In 2023, Jamaica efficiently accomplished its first ever worldwide challenge of a neighborhood foreign money denominated bond.
In 2022, Mr. Clarke was elected Chairman of the Board of Governors of the Inter-American Improvement Financial institution and the Inter-American Funding Company. Previous to his public service profession, he was Vice Chairman and Chief Monetary Officer of the Musson Group, a regional conglomerate, having began his profession as an Fairness Derivatives Dealer at Goldman Sachs in London.
Mr. Clarke holds a PhD in Numerical Evaluation from Oxford College the place he was a Rhodes Scholar, and a Grasp of Science Diploma in Utilized Statistics, additionally from Oxford, whereas he was a Commonwealth Scholar.
He additionally holds a Bachelor of Science Diploma in Arithmetic and Pc Science from the College of the West Indies the place he was a Jamaica Independence Scholar.